The payday loans in most states are not regulated and the loan providers are allowed to charge any fee and annual percentage rate that the borrowers are willing to pay. However, this microloan market is in essence regulated by the competition amongst the various lenders, which strive to offer terms that are more favorable in order attract more customers. The statistics show that the average amount borrowed is typically between $100 and $500 and the money is generally borrowed for one to two weeks.
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